Amman, Jordan – Apr 23rd, 2019 – The Saudi Jordanian Investment Fund (SJIF) held its second General Assembly meeting on April 23, which was attended by the company’s shareholders and its Board of Directors, as well as representatives from the Companies Control Department, and the external auditors, Ernst & Young.
During the meeting, SJIF showcased its progress since its inception in 2017, the latest developments in the projects and opportunities it is currently pursuing, and the advancement it has made in formulating its investment strategy and internal operations.
Speaking on this occasion, the Chairman of SJIF, Hisham Attar, stated that “the projects and investment opportunities that have been carefully studied to date reflect the company’s commitment to developing viable economic projects with sustainable impact on Jordan, which is in line with the strategy of the Public Investment Fund of Saudi Arabia, and in accordance with the Jordan Investment Fund Law number 16 for 2016.”
In 2018, SJIF has identified and carefully assessed a number of investment opportunities. The first of such projects was announced in February 2019 upon signing a memorandum of understanding (MOU) with the Aqaba Special Economic Zone Authority (ASEZA) for the development and operation of a JOD 500 million Aqaba-Ma’an railway and Ma’an dry port. The project is a landmark Public-Private Partnership, forming the first phase of Jordan’s national railway network and significantly upgrading Jordan’s logistics infrastructure.
Attar added that SJIF is preparing to announce several projects in the coming months, focused on healthcare, information technology, and the tourism sectors. Furthermore, SJIF is looking forward to investing in other major infrastructure projects that are in line with both its own strategy and are priority projects for the government, as SJIF seeks to further foster partnerships between the public and private sectors that will contribute to accelerating economic activity in Jordan and to creating new employment opportunities.
The General Assembly meeting further discussed and approved the Board of Directors’ report and the audited annual financial statements for 2018.
The Saudi Jordanian Investment Fund is a Jordanian Limited Public Shareholding Company formed in 2017 as a partnership between the Public Investment Fund of Saudi Arabia, which owns 90% of the company, and 16 conventional and Islamic Jordanian banks, which own the remaining 10%. The company was registered in accordance with Jordan Investment Fund Law number 16 for 2016, and its formation was an outcome of the Jordanian Saudi Cooperation Council and the MOU signed between the Public Investment Fund of Saudi Arabia and the Jordan Investment Fund on August 25, 2016.